# Risk Curators: AUM/TVL Overview
This dashboard provides a comprehensive look at the Total Value Locked (TVL), often referred to as Assets Under Management (AUM), for protocols categorized as 'Risk Curators'. These entities play a crucial role in assessing and managing risk within the DeFi ecosystem.

Overall TVL Trend for Risk Curators

**Insight:** This chart shows the aggregate TVL trend for the entire 'Risk Curators' category. A rising trend indicates increasing trust and capital allocation towards protocols focused on risk management in DeFi.

Top Risk Curators by TVL

**Key Players:** This visualization highlights the top 5 risk curator protocols by TVL, demonstrating their individual growth trajectories and dominance within the sector.

Risk Curators TVL Market Share

**Market Concentration:** The market share chart illustrates the distribution of TVL among the leading risk curators, revealing competitive dynamics and potential shifts in leadership over time.

**Detailed Metrics:** This table provides a comprehensive list of all tracked risk curator protocols, along with their current TVL, daily fees, and daily revenue. This allows for a granular comparison of their financial performance.

Protocol Fee Dominance

Protocol Revenue Dominance

Protocol Fees Dominance - DEXs + DEX Aggregators

Protocol Fees Dominance - Lending

Protocol Fees Dominance - LST

Protocol Fees Dominance - Derivatives

Protocol Fees Dominance - Bridges

Protocol Fees Dominance - Primary Issuance Rails

# Stablecoin Market Cap by Chain
This dashboard provides a comprehensive overview of the stablecoin market, focusing on the total market capitalization and its distribution across various blockchain networks.

**Global Stablecoin Market Cap:** This chart illustrates the overall growth and fluctuations in the total market capitalization of stablecoins across all tracked chains. It serves as a key indicator of liquidity and confidence in the broader DeFi ecosystem.

**Market Share Distribution:** The pie chart provides a snapshot of how stablecoin market cap is currently distributed among different chains. The dominance chart shows the historical trend of each chain's share, highlighting shifts in preferred stablecoin ecosystems.

**Chain-Specific Stablecoin Metrics:** This table provides a detailed breakdown of stablecoin market capitalization for each chain, including daily, weekly, and monthly changes. It allows for a granular comparison of stablecoin adoption and activity across different networks.

Stablecoin MCap by Chain

Stablecoin Dominance on BSC

BSC Stablecoins Dominance

BSC Stablecoin Market Cap

Open Interest

Perp Volume

Perp Volume by Protocol

Perp by Chain

# Cowswap Performance & DEX Comparison
This dashboard provides a comprehensive analysis of Cowswap's key metrics and compares its performance against other leading Decentralized Exchanges (DEXs) in the market.

**Cowswap Financials:** These charts illustrate Cowswap's daily fee generation and revenue. As an aggregator, Cowswap optimizes trades, and these metrics reflect its operational efficiency and value capture.

**Aggregator Volume:** This chart shows the volume processed by Cowswap as a DEX aggregator, highlighting its role in routing trades for optimal execution across various liquidity sources.

**COW Token Metrics:** The charts above display the historical price and market capitalization of the COW token, providing insights into its market performance and valuation.

Top DEXs by Weekly Volume (Market Share)

**DEX Volume Market Share:** This chart illustrates the weekly trading volume market share among the top DEXs. It shows how Cowswap's volume compares to other major players in the decentralized exchange landscape.

Top DEXs by Weekly Fees (Market Share)

**DEX Fees Market Share:** Analyzing fees generated by top DEXs provides insight into their revenue-generating capabilities and overall economic activity. This chart compares Cowswap's fee capture against its competitors.

**Top DEXs Table:** This table provides a detailed overview of various metrics for leading DEX protocols, allowing for a granular comparison of Cowswap with its peers across TVL, volume, fees, and revenue.

# THORChain: Cross-Chain Aggregator & DEX Comparison
This dashboard provides a comprehensive analysis of THORChain's performance, comparing it against other leading cross-chain aggregators and decentralized exchanges (DEXs) based on key metrics like TVL, volume, and fees.

THORChain: Daily Fees & Revenue

## THORChain Token (RUNE) Metrics
An overview of the RUNE token's market performance, which is central to THORChain's liquidity and security model.

## Comparative Analysis: THORChain vs. Competitors
This section compares THORChain's performance against other leading cross-chain aggregators and traditional DEXs, highlighting its position in the broader DeFi landscape.

Top Cross-Chain Aggregators by Weekly Volume

Top DEXs by Weekly Volume

Top DEXs by Weekly Fees

## Detailed Protocol Comparison Table
This table provides a granular view of various DEXs and cross-chain aggregators, allowing for direct comparison of their TVL, daily volume, and fees.

**May 2026: CEX spot volume hit a 25-month low of $951.8B in April.** Binance holds the #1 spot at ~26.5% market share — down sharply from ~39% in early 2025. The derivatives battle is tighter: Binance commands ~54% of tracked 24h derivatives volume, while OKX ($24B), MEXC ($20B), Weex ($15B), and Bybit ($15B) form a competitive mid-tier. Open interest — the clearest measure of market conviction — is concentrated in five exchanges: Binance, Bybit, Gate, MEXC, and Weex collectively hold >97% of tracked OI. Note the key divergence: **Bybit and Gate punch far above their spot rank in OI**, while MEXC and Weex dominate derivatives with comparatively thin spot presence. On-chain perps (led by Hyperliquid) and regulated CME channels are increasingly competing for the same demand.

CEX Market: Volume & Open Interest — Top 20

Daily trading activity by exchange. Binance's structural dominance persists in spot markets, but the gap is narrowing. February 2026 saw the weakest combined CEX month since October 2024 as Bitcoin traded range-bound. The derivatives chart reveals an even more fragmented race: OKX peaked at 18.3% derivatives market share in February (its highest since July 2025), Gate hit an all-time high of 12.2%, and Binance's market share dipped to its lowest since October 2020.

📈 Volume Trends — 90 Days

CEX Spot Volume — Top 20 (90 Days)

CEX Derivatives Volume — Top 20 (90 Days)

Snapshot of 24h volume as of today. The spot and derivatives leaderboards diverge materially: **Kraken** is a top-10 spot exchange but nearly absent from derivatives. **Pionex and Tapbit** are top-5 by spot volume but have no significant derivatives presence. **MEXC and Weex** rank far higher in derivatives than spot — signaling aggressive perp product growth. **Bitmart** is unexpectedly high in spot volume, likely driven by token listing activity.

🏆 Current Rankings — Spot vs Derivatives

Spot Volume Ranking (24h)

Derivatives Volume Ranking (24h)

Open interest (OI) measures total unsettled futures/perpetuals contracts — a proxy for speculative and hedging conviction. Binance's $25.5B OI is 2× Bybit's $11.5B, but Bybit, Gate ($11B), and MEXC ($9.5B) are demonstrating strong capital retention. **Weex stands out**: $8.1B OI against $15.4B daily derivatives volume implies an unusually high OI/volume ratio (~0.53×), suggesting sticky longer-duration positions rather than day-trading flow. Compare that to Binance's ratio (~0.47×) or OKX (~0.32×). High OI/volume = users holding positions, not just churning.

📊 Open Interest — The Conviction Barometer

Open Interest by Exchange (Current)

DEX Aggregator Volume

DEX Volume

Bridge Volume

# Tokenized Gold Trading Volume Analysis
This dashboard provides an overview of tokenized gold trading activity, focusing on perpetuals on Hyperliquid and general spot/DEX volumes.

**Hyperliquid Perps Volume:** This chart displays the total perpetuals trading volume on Hyperliquid. While the metric itself is not filtered by specific assets, Hyperliquid is a key venue for derivatives trading, including synthetic commodities like tokenized gold. This provides insight into the overall activity on the platform where such assets are traded.

**DEX/Spot Trading Volume for Tokenized Gold:** Currently, DefiLlama's charting capabilities do not allow for filtering DEX/Spot trading volume specifically by a token category like 'Tokenized Gold' across all protocols. To provide relevant context for spot trading, the following chart displays the overall trading volume for the top Decentralized Exchanges (DEXs) globally. This gives an indication of general spot market activity where tokenized assets might be traded.

Top DEXs by Global Trading Volume

# DEX Volume Analysis: CowSwap, Aperture, Across, and Near
This dashboard provides an overview of DEX volume and related metrics for selected protocols and the Near chain, focusing on activity since January 2024.

**Aperture LM Volume:**
Volume data is not directly available for Aperture LM. This protocol focuses on liquidity management rather than direct trading volume.

**Across Volume:**
Across is a bridge protocol, and as such, it does not track DEX trading volume. Its primary metric is bridged value or transaction count.

**Insight: Near Chain DEX Volume**
This chart represents the aggregated DEX volume across all decentralized exchanges operating on the Near blockchain. It provides a holistic view of trading activity within the Near ecosystem.

# Top 10 Protocol Revenue (Monthly) since Jan 2024
This dashboard visualizes the monthly revenue generated by the top 10 revenue-generating protocols globally since January 1, 2024. All other protocols are aggregated into an 'OTHERS' category to provide a comprehensive market overview.

Monthly Protocol Revenue: Top 10 vs. Others

**Insight:** This stacked area chart clearly illustrates the dominance of the top 10 protocols in terms of revenue generation. Observing the 'OTHERS' category provides context on the collective performance of the broader DeFi ecosystem and how it compares to the leading entities. Trends in individual protocol areas can highlight shifts in market leadership or emerging revenue streams.

# Perps Protocol Fees Overview (Monthly)
This dashboard visualizes the total monthly fees generated by protocols within the 'Perps' category since January 1st, 2024. The stacked area chart highlights the relative dominance of different perps protocols, with similar protocol versions combined for a clearer overview (e.g., Aave V2 and V3 are grouped under 'Aave').

Monthly Perps Protocol Fees by Protocol

**Insight:** The stacked area chart clearly illustrates the evolution of fee generation within the perps sector. Observing the changing proportions of each protocol provides insight into market share shifts and the overall health and activity of the DeFi perps landscape. The `groupByParent` feature helps to understand the aggregated performance of major perps entities.

# Liquid Staking Token (LST) TVL on Ethereum
This dashboard visualizes the evolution of Total Value Locked (TVL) in Liquid Staking protocols on Ethereum. While a direct representation of TVL *in ETH* for the entire category is not directly supported by our charting tools, we provide the TVL in USD for the top protocols and the ETH price chart. This allows you to contextualize the LST TVL against the value of ETH over time.

Top Liquid Staking Protocols by TVL on Ethereum (USD)

**Insight: Liquid Staking Growth on Ethereum.** This chart illustrates the growth and market share dynamics of the leading Liquid Staking protocols on Ethereum. Observe how the TVL in USD has evolved, reflecting both user adoption and the underlying value of staked assets. To estimate TVL in ETH, compare this chart with the ETH price chart below.

**Insight: ETH Price Context.** The price of Ethereum (ETH) is crucial for understanding the true value of LST TVL when expressed in ETH. Fluctuations in ETH's price can significantly impact the USD denominated TVL, even if the underlying amount of staked ETH remains constant. Use this chart to normalize the LST TVL (USD) data and infer its value in ETH.

# DEX and Dex Aggregator Fees Overview
This dashboard visualizes the total monthly fees generated by Decentralized Exchanges (DEXs) and Dex Aggregators combined, starting from January 1st, 2024. The stacked area chart highlights the relative contribution of different protocols within these categories over time.

Monthly Fees: DEXs and Dex Aggregators (Stacked Area)

**Insight:** The stacked area chart clearly illustrates the fee generation trends across the combined DEX and Dex Aggregator landscape. Observing the changing proportions of each segment can reveal shifts in market dominance and user preferences within the DeFi trading ecosystem. A growing overall area indicates increased activity and revenue for these categories.

Please generate a stacked area chart showing the total monthly fees generated since 1st January 2024 for category DEX and Dex aggregator combined

be a stacked chart so the relative dominance is visible – have time along the X-axis and fees (USD) on the Y-axis.

# Monthly Protocol Revenue by Category (Since Jan 2024)
This dashboard provides a comprehensive view of monthly protocol revenue aggregated across key DeFi categories. Each line represents the total revenue generated by all protocols within that specific category group, offering insights into the financial performance and growth trends of different sectors in the DeFi ecosystem.

Derivatives Revenue

Perps Revenue

DEXs & Aggregators Revenue

Lending Revenue

Liquid Staking Revenue

Restaking / Liquid Restaking Revenue

Bridges Revenue

Primary Issuance Rails Revenue

Yield & Aggregation Revenue

**Insight:** This chart allows for a direct comparison of revenue generation across different DeFi sectors. Observe which categories are experiencing growth, stagnation, or decline, and identify potential shifts in market dominance or user preference. The 'Primary Issuance Rails' category, for instance, can indicate periods of high speculative activity or new token launches.

# Global Protocol Fees: Top 10 by Monthly Contribution
This dashboard visualizes the monthly fees generated by the leading protocols across the entire DeFi ecosystem. The 'Others' category aggregates the fees from all remaining protocols, providing a clear view of market concentration and emerging trends.

Monthly Protocol Fees (Top 10 + Others)

**Insight:** Analyzing the stacked area chart reveals the dominant players in terms of fee generation and how their market share has evolved over the past two years. Spikes or dips in the 'Others' category can indicate broader market activity or the emergence of new, smaller protocols collectively impacting the ecosystem.

# Lending Protocols: Monthly Fees Breakdown (Since Jan 2024)
This dashboard visualizes the total monthly fees generated by lending protocols since January 1st, 2024. The stacked area chart highlights the relative dominance of different lending protocols, with similar protocol versions (e.g., Aave V2 and V3) combined under their parent entity for a clearer overview of market share.

Monthly Fees Generated by Lending Protocols

**Insight:** The stacked area chart clearly illustrates the evolution of fee generation within the lending sector. Observing the changing proportions of each protocol provides valuable insights into market shifts, competitive dynamics, and the overall growth or contraction of the lending DeFi landscape. The `groupByParent` feature helps to understand the overall performance of major lending entities regardless of their versioning.

Seb - DefiLlama Research

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Public dashboard library

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THORChain

cex

Volume Analysis

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Commodities

Volume Intent

Staked area chart

perps

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dashboard persp

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